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<br />
<br />OFFICIAL STATEMENT
<br />
<br />$[7,550,000]*
<br />City of Little Canada, Minnesota
<br />Subordinate Senior Housing and Healthcare Revenue Bonds
<br />(New Harmony Project)
<br />Series 2021D
<br />INTRODUCTORY STATEMENT
<br />The following is a brief introduction as to certain matters discussed elsewhere in this Official Statement and
<br />is qualified in its entirety as to such matters by such discussion and the text of the actual documents described or
<br />referenced. Any capitalized term not required to be capitalized or otherwise defined herein is used with the meaning
<br />assigned in Appendix D or in the Indenture (as defined below), the Loan Agreement (as defined below) or other
<br />document with respect to which the term is used. Any definition of a term contained in the text hereof is for ease of
<br />reference only and is qualified in its entirety by any corresponding definition in Appendix D or the documents with
<br />respect to which such term relates. The appendices hereto are an integral part of this Official Statement and each
<br />potential investor should review the appendices in their entirety.
<br />General
<br />This Official Statement provides information regarding the Subordinate Senior Housing and Healthcare
<br />Revenue Bonds (New Harmony Project), Series 2021D (the “Series 2021D Bonds”) to be issued by the City of Little
<br />Canada, Minnesota (the “Issuer”), under Minnesota Statutes, Chapter 462, as amended (the “Act”), in the above-stated
<br />aggregate principal amount pursuant to a Trust Indenture (the “Indenture”) between the Issuer and U.S. Bank National
<br />Association, as trustee (the “Trustee”). See Appendix D: “TRUST INDENTURE” herein.
<br />Pursuant to a Loan Agreement (the “Loan Agreement”) between the Issuer and New Harmony Care Center,
<br />Inc., a Minnesota nonprofit corporation (the “Corporation”), proceeds of the sale of the Series 2021D Bonds will be
<br />loaned to the Corporation. Proceeds of the Series 2021D Bonds will be applied by the Corporation to (1) finance the
<br />acquisition, construction, and equipping of a new senior healthcare and housing facility, including approximately 48
<br />skilled nursing beds, 16 transitional skilled nursing beds, 35 independent apartment units, 36 assisted living apartment
<br />units, 14 memory care apartment units, and 12 care suite apartment units, to be located at 1534 County Road C East
<br />in the City of Maplewood, Minnesota (as further described herein, the “Project”), (2) fund a debt service reserve fund
<br />for the Series 2021D Bonds, (3) pay capitalized interest on the Series 2021D Bonds and (4) pay costs of issuing the
<br />Series 2021D Bonds. See “SOURCES AND USES OF FUNDS” herein. See also Appendix A: “THE
<br />CORPORATION, THE PROJECT AND THE GUARANTOR.”
<br />The Senior Notes
<br />The City of Hampton, Minnesota (“Hampton”), has agreed with the Corporation to issue the City of Hampton,
<br />Minnesota Senior Housing and Healthcare Revenue Note (New Harmony Project), Series 2021A, in an aggregate
<br />principal amount of $10,000,000 (the “Hampton Note”); the City of Landfall Village, Minnesota (“Landfall Village”),
<br />has agreed with the Corporation to issue the City of Landfall Village, Minnesota Senior Housing and Healthcare
<br />Revenue Note (New Harmony Project), Series 2021B, in an aggregate principal amount of $10,000,000 (the “Landfall
<br />Village Note”); and the City of Falcon Heights, Minnesota (“Falcon Heights”), has agreed with the Corporation to
<br />issue the City of Falcon Heights, Minnesota Senior Housing and Healthcare Revenue Note (New Harmony Project),
<br />Series 2021C, in an aggregate principal amount of approximately $8,000,000* (the “Falcon Heights Note” and, with
<br />the Hampton Note and the Landfall Village Note, the “Senior Notes”). Bremer Bank, National Association (the
<br />“Senior Lender”) will be the purchaser of the Senior Notes. The proceeds of the Senior Notes will be loaned to the
<br />Corporation pursuant to three separate loan agreements (the “Senior Loan Agreements”) between the Corporation and
<br />each of Hampton, Landfall Village and Falcon Heights, respectively, to pay costs of constructing and equipping the
<br />Project and certain costs of issuance of the Senior Notes. The Senior Notes are senior in payment to the Series 2021D
<br />Bonds, and are secured by senior mortgages on the Project. Under the Indenture, an Event of Default with respect to
<br />the Series 2021D Bonds is not an event of default with respect to the Senior Notes. As long as the Senior Notes are
<br />
<br />* Preliminary; subject to change
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